The FCA plans to launch a live AI testing service to help firms deploy safe and responsible AI and is seeking firm's views before launching the service.

The service would be a new component of the FCA’s AI Lab and would help to fill a testing gap which may be slowing firms’ adoption of AI, it said.

The live testing service would allow firms to collaborate with the FCA while they check that their new AI tools are ready to be used, the regulator said.

It will provide regulatory support to firms who are ready to deploy consumer or market-facing AI models. It would also provide the FCA with intelligence to better understand how AI may impact UK financial markets.

The proposed live testing service would run for 12 to 18 months, with plans to launch in September.

Before then, the regulator is seeking firms' views on how the service could help them, giving businesses a deadline of 10 June to respond.

The FCA said: “As part of AI Live Testing, our regulatory and technical teams will work directly with firms, providing tailored support as firms develop, assess and deploy live AI models in UK financial markets. This will include exploring output-driven validation and other methods to evaluate the impact of AI model use in UK financial markets.”

It said through AI Live Testing firms will be able to live-test AI models to build confidence in their performance, while also receiving regulatory support and comfort to support safe and responsible deployment.

The regulator said the proposal builds on its new five-year strategy which sets out how the regulator will support growth by enabling innovation and ensuring the continued competitiveness of the UK’s world-leading financial services through a tech-positive approach. It will also support the FCA to be a smarter regulator by embracing data and technology to be more effective and efficient, it said.

Jessica Rusu, the FCA’s chief data, intelligence and information officer, said: "Under our new strategy, we’ve committed to being increasingly tech positive to support growth. We want financial firms and their customers to benefit from AI, so we’re providing a safe space to test how they plan to use it."

• The FCA is seeking email responses by 10 June at This email address is being protected from spambots. You need JavaScript enabled to view it. and written responses at: Advanced Analytics, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.